How to Apply: Application is completed at National Insurance Producer Registry, http://www.nipr.com.
Each agency must list one person to act as the "designated responsible licensed producer." (DRLP) The DRLP must be an owner, officer, partner or member of the agency and must be an Iowa-licensed producer. Iowa requires the producer(s) listed as the designated responsible licensed producer to have an active Iowa license prior to the business entity license submission.
Fees: The fee for an agency license is $50.00.
If you have questions regarding the licensing process, contact Sharon Downing at 515-281-7757 or via e-mail: firstname.lastname@example.org.
Licensing of a business entity.
10.18(1) Application. A business entity may apply for an Iowa insurance license. For purposes of
this rule, upon approval of an application by the division, the business entity shall be classified as a producer and shall be subject to all standards of conduct and reporting requirements applicable to producers.
a. To qualify for such a license, the business entity must:
(1) File a completed NAIC uniform business entity application through the NIPR Gateway or as
directed by the division;
(2) Designate one officer, owner, partner, or member of the business entity, which person also is a producer licensed by the division, as the person who will have full responsibility for the conduct of all business transactions of the business entity or of insurance producers affiliated with the business entity;
(3) For a nonresident business entity, submit an appropriate request through the NIPR Gateway;
(4) Pay the license fee.
b. The designated responsible producer shall maintain an active Iowa insurance producer license.
If the license of the designated responsible producer terminates or lapses for any reason, the
business entity must supply the division with a substitute designated responsible producer within ten days. If the business entity does not provide a substitute, the division shall terminate the license, and the entity shall submit a new application.
10.18(3) License term. A business entity license issued under this rule shall be effective for three
years and one month, including the year of application, beginning on the first day of the month of the business entity’s formation date and ending with the last day of the month of the business entity’s formation date. By arrangement with the division, a business entity may choose a different month for its license term.
10.18(4) License renewal. The division shall mail a renewal notice to the address of the business entity on file with the division on or before the first day of the month preceding the renewal month. The renewal notice and renewal fee must be received by the division on or before the license expiration date. By arrangement with the division, renewal notices may be issued and submitted electronically. All nonresident business entities must renew their licenses through the NIPR Gateway or as otherwise directed by the division.
10.18(5) Business address. Business entities licensed under this rule must maintain a current business address with the division. If a business entity’s address is changed, notification from the designated responsible producer must be submitted to the division within 30 days of the address change, stating:
a. Name of the business entity; b. License number; c. Previous address; and d. New address.
The notification may be sent by electronic mail to email@example.com, or through the NIPR Gateway, if available.
10.18(6) Business name. A business entity licensed under this rule must keep the division informed of its business name. If a business entity changes the name under which it is operating, notification from the designated responsible producer must be submitted to the division within 30 days of the name change. The notification may be sent by electronic mail to firstname.lastname@example.org, or through the NIPR Gateway, if available.
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